GST Rate Cut: Full List Of Over 100 Items Whose Prices Have Reduced
In a rainy season bonanza for a common man, the GST Council cut duty rates on more than 100 products, including a few commonly used things like TV, clothes washing machine, footwear, and refrigerators. Not only that, surrendering to multi year-long request, the Council has now put sanitary napkins under the exempted category.
In a good news for the dealers, the Council reported a simpler return filing procedure through new simplified forms called 'Sugam' and 'Sahaj'. Likewise, ventures with a yearly turnover of up to Rs 5 crore would now need to document quarterly returns rather than the present month to month filing; notwithstanding, they would need to pay charge month to month. The new rates would become effective from 27th July. The rate decreases are assessed to cost the administration exchequer almost Rs 7,000 cr.
Take a look at the list of all the items that have become cheaper after the GST rate cut:
- Refrigerators, freezers and other refrigerating or freezing equipment including water cooler, milk coolers, refrigerating equipment for leather industry, ice cream freezer etc.
- Washing machines
- Televisions up to the size of 68 cm or 27 inch
- Vacuum cleaners
- Domestic electrical appliances like food grinders and mixers & food or vegetable juice extractor, shaver, hair clippers etc
- Lithium-ion batteries
- Storage water heaters and immersion heaters, hair dryers, hand dryers, electric smoothing irons etc
- Scent sprays and toilet sprays, powder-puffs and pads for the application of cosmetics or toiletries
- Paints and varnishes (including enamels and lacquers)
- Glaziers’ putty, grafting putty, resin cements
- Special purpose motor vehicles. e.g., crane lorries, fire fighting vehicle, concrete mixer lorries, spraying lorries
- Works trucks [self-propelled, not fitted with lifting or handling equipment] of the type used in factories, warehouses, dock areas or airports for short transport of goods.
- Trailers and semi-trailers.
A list of new items brought under 0% tax exemption:
- Stone/Marble/Wood Deities
- Rakhi [other than that of precious or semi-precious material of chapter 71]
- Sanitary Napkins,
- Coir pith compost
- Sal Leaves siali leaves and their products and Sabai Rope
- PhoolBhariJhadoo [Raw material for Jhadoo]
- Khali dona
- Circulation and commemorative coins, sold by Security Printing and Minting Corporation of India Ltd [SPMCIL] to Ministry of Finance.
The rates are cut down from 12% to 5%:
- Chenille fabrics and other fabrics under heading 5801
- Handloom dari
- Phosphoric acid (fertilizer grade only).
- Knitted cap/topi having retail sale value not exceeding Rs 1000
From 18% to 5%:
- Ethanol for sale to Oil companies for blending with fuel
- Solid bio fuel pellets
From 12% to 5%:
- Handmade carpets and other handmade textile floor coverings (including namda/gabba)
- Handmade lace
- Hand-woven tapestries
- Hand-made braids and ornamental trimming in the piece
From 28% to 12%:
- Fuel Cell Vehicle. Further, Compensation cess shall also be exempted on fuel cell vehicle.
From 18% to 12%:
- Bamboo flooring
- Brass Kerosene Pressure Stove
- Hand Operated Rubber Roller
- Zip and Slide Fasteners
- Handbags including pouches and purses; jewellery box
- Wooden frames for painting, photographs, mirrors etc
- Art ware of cork [including articles of sholapith]
- Stone art ware, stone inlay work
- Ornamental framed mirrors
- Glass statues [other than those of crystal]
- Glass art ware [incl. pots, jars, votive, cask, cake cover, tulip bottle, vase]
- Art ware of iron
- Art ware of brass, copper/ copper alloys, electro plated with nickel/silver
- Aluminum art ware
- Handcrafted lamps (including panchloga lamp)
- Worked vegetable or mineral carving, articles thereof, articles of wax, of stearin, of natural gums or natural resins or of modelling pastes etc, (including articles of lac, shellac)
- Ganjifa card
by Vijay Singh | Sun, Jul 22 - 01:24 PM